XPEV - Why Nio and Chinese EV Stocks Had an Awful January
2024-02-05 08:13:49 ET
Electric vehicle (EV) stocks have been under pressure for several months, and the start of the year just continued that trend. That was especially true for Chinese EV names Nio (NYSE: NIO) , XPeng (NYSE: XPEV) , and Li Auto (NASDAQ: LI) . Over the past six months, those stocks are all down by between 39% and 64%.
Returns in January contributed heavily to those declines. For the month Nio shares lost 38%, XPeng plunged 42.9%, and Li Auto lost 26%. according to data provided by S&P Global Market Intelligence .
Some of those January results even came after the three Chinese upstarts reported record deliveries in December 2023. The three combined to deliver nearly 88,500 units, a third consecutive monthly record. Investors decided to sell the news, though.
For further details see:
Why Nio and Chinese EV Stocks Had an Awful January